What's going on in Ohio that deserves more national attention?
We're working on our "Holding Wall Street Accountable" project, which we've talked about. We also have a project this year that is growing in scope on the whole foreclosure crisis, focusing in on mortgage servicers, who are the entities who are supposed to be -- and claim they are -- working out reasonable loan modifications to keep people in their homes.
In fact, what we're finding is very few are doing anything in the way of permanent loan modifications. They stall around; they give terrible customer service; they defeat people by the walls they put up that prevent people from getting any kind of real answer or resolution. They are either incapable of providing adequate customer service in doing loan modifications or they really don't want to do it and and are just pretending to try...We have sued two of them thus far under Ohio consumer protection laws for failing to follow through on their commitments to customers.
We will continue with that effort, with what is, we consider, pretty minimal expectations. Number one, that they have good customer service, and number two, that they meet the terms of the [federal] program in a clean fashion without adding a lot of fees on people and doing the kind of loan modifications that many of them have purported to do, but in fact are not delivering.
To read the entire article, go here: http://www.businessinsider.com/ohio-ag-richard-cordray-message-for-wall-street-2009-12